ECOW vs. EMGF

Last updated Jun 4, 2026

ECOW (Pacer Emerging Markets Cash Cows 100 ETF) and EMGF (iShares Edge MSCI Multifactor Emerging Markets ETF) are both Emerging Markets Equities funds - ECOW tracks the Pacer Emerging Markets Cash Cows 100 Index while EMGF tracks the MSCI Emerging Markets Diversified Multiple-Factor Index. Both are passively managed. Over the past 5 years, ECOW returned 6.12%/yr vs 10.38%/yr for EMGF. A 0.72 correlation means they provide meaningful diversification when combined. ECOW charges 0.70%/yr vs 0.45%/yr for EMGF.

Performance

ECOW vs. EMGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ECOW achieves a 13.10% return, which is significantly lower than EMGF's 30.01% return.

ECOW

• 1D: -1.50%
• 1M: -0.42%
• YTD: 13.10%
• 6M: 12.29%
• 1Y: 35.35%
• 3Y*: 19.90%
• 5Y*: 6.12%
• 10Y*: —

EMGF

• 1D: -1.20%
• 1M: 9.65%
• YTD: 30.01%
• 6M: 32.52%
• 1Y: 55.31%
• 3Y*: 26.88%
• 5Y*: 10.38%
• 10Y*: 11.48%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ECOW vs. EMGF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ECOW Pacer Emerging Markets Cash Cows 100 ETF	13.10%	32.50%	3.17%	15.79%	-19.28%	7.47%	-2.51%	10.37%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	30.01%	31.41%	9.06%	10.86%	-16.55%	6.65%	10.27%	9.82%

Correlation

The correlation between ECOW and EMGF is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.80
Correlation (All Time) Calculated using the full available price history since May 7, 2019	0.72

The correlation between ECOW and EMGF has been stable across timeframes, ranging from 0.72 to 0.81 - a consistent structural relationship.

ECOW vs. EMGF - Sectors Allocation Comparison

Sectors	ECOW	EMGF
Communication Services	18.4%	7.4%
Energy	16.1%	4.3%
Industrials	15.5%	7.8%
Consumer Cyclical	12.5%	10.4%
Technology	9.8%	34.7%
Basic Materials	9.6%	5.8%
Consumer Defensive	8.5%	3.8%
Utilities	7.9%	2.5%
Healthcare	1.6%	2.9%
Financial Services	-	19.2%
Real Estate	-	1.1%

Return for Risk

ECOW vs. EMGF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ECOW

ECOW Risk / Return Rank: 77
ECOW Sharpe Ratio Rank: 76
ECOW Sortino Ratio Rank: 72
ECOW Omega Ratio Rank: 76
ECOW Calmar Ratio Rank: 81
ECOW Martin Ratio Rank: 79

EMGF

EMGF Risk / Return Rank: 81
EMGF Sharpe Ratio Rank: 84
EMGF Sortino Ratio Rank: 80
EMGF Omega Ratio Rank: 83
EMGF Calmar Ratio Rank: 79
EMGF Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ECOW vs. EMGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) and iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ECOW	EMGF	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.78	-0.28
Sortino ratio: Return per unit of downside risk	3.30	3.62	-0.32
Omega ratio: Gain probability vs. loss probability	1.46	1.51	-0.05
Calmar ratio: Return relative to maximum drawdown	4.25	4.11	+0.15
Martin ratio: Return relative to average drawdown	15.39	15.84	-0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ECOW vs. EMGF - Sharpe Ratio Comparison

The current ECOW Sharpe Ratio is 2.50, which is comparable to the EMGF Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of ECOW and EMGF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ECOW	EMGF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	2.78	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.59	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.57	-0.19

Drawdowns

ECOW vs. EMGF - Drawdown Comparison

The maximum ECOW drawdown since its inception was -40.27%, roughly equal to the maximum EMGF drawdown of -40.23%. Use the drawdown chart below to compare losses from any high point for ECOW and EMGF.

Drawdown Indicators

	ECOW	EMGF	Difference
Max Drawdown Largest peak-to-trough decline	-40.27%	-40.23%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-8.35%	-13.54%	+5.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	-17.65%	-1.12%
Max Drawdown (5Y) Largest decline over 5 years	-33.67%	-28.60%	-5.07%
Max Drawdown (10Y) Largest decline over 10 years	—	-40.23%	—
Current Drawdown Current decline from peak	-3.53%	-1.20%	-2.33%
Average Drawdown Average peak-to-trough decline	-11.07%	-10.05%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	3.50%	-1.20%

Volatility

ECOW vs. EMGF - Volatility Comparison

The current volatility for Pacer Emerging Markets Cash Cows 100 ETF (ECOW) is 4.66%, while iShares Edge MSCI Multifactor Emerging Markets ETF (EMGF) has a volatility of 9.20%. This indicates that ECOW experiences smaller price fluctuations and is considered to be less risky than EMGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ECOW	EMGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.66%	9.20%	-4.54%
Volatility (6M) Calculated over the trailing 6-month period	10.88%	17.50%	-6.62%
Volatility (1Y) Calculated over the trailing 1-year period	14.19%	19.99%	-5.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	17.69%	-0.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.13%	19.48%	+0.65%

ECOW vs. EMGF - Expense Ratio Comparison

ECOW has a 0.70% expense ratio, which is higher than EMGF's 0.45% expense ratio.

Dividends

ECOW vs. EMGF - Dividend Comparison

ECOW's dividend yield for the trailing twelve months is around 4.60%, more than EMGF's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ECOW Pacer Emerging Markets Cash Cows 100 ETF	4.60%	5.20%	7.35%	5.46%	7.50%	4.39%	3.35%	8.08%	0.00%	0.00%	0.00%
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF	1.94%	2.52%	3.42%	5.94%	4.04%	2.48%	1.95%	2.63%	2.73%	1.94%	2.04%

Frequently Asked Questions

Can I hold both ECOW and EMGF in my portfolio?

ECOW and EMGF have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ECOW or EMGF?

EMGF has higher volatility (9.20%) compared to ECOW (4.66%). In terms of maximum drawdown, ECOW dropped -40.27% vs EMGF's -40.23%.

Which ETF is better, ECOW or EMGF?

On 5-year performance, EMGF leads with 10.38% vs 6.12% for ECOW. On fees, EMGF is cheaper at 0.45% per year. On volatility, ECOW has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ECOW or EMGF?

Over the 5-year period, EMGF has performed better with a 10.38% return vs 6.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ECOW or EMGF?

EMGF is cheaper with a 0.45% expense ratio, compared with 0.70% for ECOW.

Which ETF pays a higher dividend yield, ECOW or EMGF?

ECOW has the higher dividend yield at 4.60%, compared with 1.94% for EMGF.

What is the main difference between ECOW and EMGF?

ECOW tracks Pacer Emerging Markets Cash Cows 100 Index, while EMGF tracks MSCI Emerging Markets Diversified Multiple-Factor Index. They also come from different issuers: Pacer and iShares. Their fees differ too: 0.70% for ECOW and 0.45% for EMGF.

Which has better risk-adjusted returns?

EMGF currently has the higher Sharpe Ratio (2.78 vs 2.50), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.